July 21, 2025 • 22 mins
Wealth management let a pro help mange your money Tampa
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Ask The Experts Florida is broadcast live Mondays at 9AM ET and Thursdays at 5PM ET on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Ask The Experts Florida is viewed on Talk 4 TV (www.talk4tv.com).
Ask The Experts Florida Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
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Speaker 1 (00:00):
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio, it's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicit or implies shall be extended to W FOURCY
Radio or it's employees or affiliates. Any questions or comments
should be directed to those show hosts. Thank you for
(00:20):
choosing W FOURCY Radio.
Speaker 2 (00:26):
Welcome to the Ask the Experts Show on W four
CY Radio and Talk for TV, where we bring you
educational information from top local experts in the fields of legal, health,
financial and home improvement. Now sit back and listen to
experts in family law, association, law, hearing laws, business brokers,
(00:47):
home care, along with many other topics. Now Here are
your hosts, Stevo and Sophia.
Speaker 3 (00:55):
Hey, good morning, Florida. To another Ask the Expert shoe,
where we bring you the finest experts in the field
of legal, health, financial and home improvement. This show, which
is our second show of the month, is probably one
of my favorite shows. They have been with us back
from when we were doing radio and Tampa and to
(01:19):
show you how this show has grown. It went from
thirty minutes a month now we do two thirty minute
shows a month. And not only did we just cover
the Tampa area, but we carry all of Florida. This show.
This expert. He probably hates me for calling him an expert,
(01:40):
but it's so important when it comes to trust, when
it comes to somebody handling your money. And I got
to tell you provised Management Group. I have never trusted
anybody so much. And the great part about it is
Ray Ferrar always gives best information. People love this show.
(02:05):
Good morning Ray, Good.
Speaker 4 (02:07):
Morning Steve, and a very hot but pleasant.
Speaker 3 (02:12):
Morning of course. So it's funny because it's almost like
Ray and I have this I guess this back and forth.
I look at the letters we get, and then Ray
and I will talk about what we're going to talk
about on the show. And it's amazing. We've got so
many emails people saying, ask Gray about the chiut program
(02:39):
that is going to be in this that's in this
new bill. Bore I do that though, right, Tell people
you have gosh, you have developed both. The year is
one of the most incredible money management company which Provice Management.
Speaker 5 (02:53):
Steve Provice Management Group is a financial planning firm first
and foremost, and we see planning, estate planning, education, planning, budgeting,
managing your liabilities, all of those things as a subset
of a financial plan. We have twelve certified financial planners
(03:14):
that serve our approximately eleven hundred clients scattered over more
than thirty states, and we're managing today something right around
two billion dollars of assets under management, and we'll actually
next month we'll be celebrating our thirty ninth birthday and
looking forward to our fortieth in August twenty twenty six.
(03:36):
Anybody who wants to visit with us, we always offer
a complimentary one hour consultation in our clear Water or
Tampa office, or if preferred, we'll do it by Zoom,
which everybody is starting to be comfortable with. And so
if you have an interest in learning more about us
(03:57):
and sharing with us directly about yourself, simply give us
a call at seven two seven four four one nine
zero two two. That's seven two seven four four to
one nine zero two two and just let them know
that you'd like to set up a complimentary one hour
consultation and we'll be happy to visit with you.
Speaker 3 (04:18):
You know, Ray, I don't know if I've ever shared
this with you, but I always go back and look
at the numbers, and I was surprised how many people
go back to listen to your show after it's done.
I can go back one week later and there's twenty
five new visitors that went and listened to your show.
(04:39):
I think that just shows people really love your show.
But hey, listen, let's get started. I've got so many
questions for you. And one of the biggest questions that
we got this week is about this new program that
every child gets one thousand dollars at birth.
Speaker 5 (04:58):
Well, this is a new prob and it's affectionately, although
not officially named, it is affectionately named the Trump Account.
And this is where every child born beginning this year,
so even those that were born earlier this year, as
I understand it, we'll all have an account opened by
(05:22):
the government and they will deposit one thousand dollars into
this account and it will be invested into some type
of an index, probably something like the S and P
five hundred, and I don't know whether there'll be multiple
choices that all The details around it have not yet
been fleshed out, but they'll put one thousand dollars into it.
(05:44):
Anybody else can add money to the account if they
would like to. The maximum however that can be added.
Total added is five thousand dollars and the account is
there for a year to No that's a total. That's
a total, so it's a modest amount. The money must
(06:04):
stay there until the child's eighteenth birthday. If taken out
prior to that time, it becomes taxable. If taken out
after that time and then used for a variety of
different things, going to school, for a college, or a trade,
perhaps for the purchase of a first home, etc. Then
(06:26):
the money will will come out of the account and
be done on a tax favorable basis. A lot of
people are wondering which is better using this or a
five twenty nine plan, And the answer is, in our opinion,
you're better to if you have a limited resources, you're
(06:48):
better to invest the money into a five to twenty
nine education plan.
Speaker 4 (06:52):
As opposed to the Trump account.
Speaker 5 (06:55):
First of all, you can put more in than five
thousand dollars.
Speaker 4 (07:00):
That's kind of number one.
Speaker 5 (07:01):
Number two, the money grows tax deferred it comes out
tax free when you do take the take the money out,
and although the Trump account does grow tax deferred, it
becomes taxable when the when the money comes out. And
so we think if you should use a five point
twenty nine plan first, and then if you're in a
(07:23):
fortunate position of still having excess money to save, then
I'd put the additional money into the into the Trump account.
So it's a it's it's it's good that at least.
Speaker 4 (07:35):
One thousand dollars is going to go in.
Speaker 5 (07:39):
You know, it's hard to speculate what it would be
worth at eighteen, but we talk about the rule of
seventy two. If the money were to grow at seven
point two percent, it would double every ten years. So
by the time the child is twenty, the money would
then be worth about four thousand dollars.
Speaker 4 (07:58):
So again it's a.
Speaker 5 (08:00):
Little something for everybody, but it's not overwhelmingly big at
this point.
Speaker 4 (08:06):
We may see some changes to it at some time
in the future.
Speaker 3 (08:10):
Well, we've just gotten six text in people wanting to
know where they can go for more information how to
get this plan started.
Speaker 5 (08:21):
So I wish I could answer that question for them.
As I mentioned earlier, the details have not been worked
out as to exactly how it's going to happen. I'm
sure that the government will put up some web page
for people to be able to access to see the
accounts for the children to add the additional money, but
(08:41):
none of that is available at this point, but clearly,
when it is, we're going to let everybody know.
Speaker 3 (08:47):
Beautiful, right, what is the new level for the child
tax credit?
Speaker 5 (08:53):
The level was increased by about ten percent. It's now
two and two two hundred dollars as opposed to two
thousand dollars. You may recall back to in the campaign
then Senator Vance wanted to have that tax credit to
be at five thousand dollars, and then there was a
(09:14):
more modest twenty five hundred dollars number that was proposed.
But at the end of the day, with all of
the compromising, it became two two hundred dollars and that
will be adjusted for inflation every year.
Speaker 4 (09:30):
A good boon for those.
Speaker 5 (09:33):
That are trying to raise a family and to work
at the same time. So it's a step in the
step in the right direction to relieve some of the
financial burden of the responsibilities at home while one is
trying to do those at work.
Speaker 3 (09:48):
And you know what about I guess just state taxes?
How are those going to be handled?
Speaker 5 (09:53):
Well, now, this is this is a very interesting situation.
This year, the amount that can be passed from one
generation to another per person without incurring any estate tax
is thirteen point nine nine. Let's just round it off
(10:13):
and call it fourteen million dollars. And that number has
grown ever since twenty and seventeen when the bill, the
original twenty seventeen tax bill passed in December of that year,
and that was going to sunset at the end of
this year and revert back to about half of the
current amount. So it would have gone back to just
(10:35):
about seven million dollars, which would have brought a lot
more people back into the state tax situation. The House
and the Senate again did some compromising, and what has
happened now is beginning with twenty twenty six.
Speaker 4 (10:54):
It will jump to fifteen.
Speaker 5 (10:56):
Million dollars, which is higher than probably it would have
been as the old number would have been adjusted for inflation,
so a little bit bigger jump, and the amount will
continue to be inflated each each year. So that's thirty
million dollars for a couple that could be passed. So
(11:17):
for those whose estates are over the thirty million dollars,
it's kind of it's kind of a non event because
things are going to continue as they were, and with
all of the sophisticated tools that are available in trusts
and family partnerships, et cetera, to try to reduce that
(11:41):
burden for those that are under the thirty million dollar
limit as a couple or fifteen million as an as
an individual, you know, this is the time to re examine,
really re examine your stated states plan, and by that
we mean you know, what things had you put in
place in anticipation maybe that the law was going to
(12:03):
go back, or that you haven't updated since the law
was changed in twenty seventeen. One of the things that
we're getting more and more questions on are around life
insurance trusts. People who bought life insurance and a trust
to help pay for estate taxes. Do I keep you know,
I'm not going to have to pay a state taxes anymore?
(12:25):
Do I keep the life insurance and there's just that
much more money? Do I forego it and give it up?
What are the options that I have with regards to
that so there's a lot for people to begin looking at.
And for those that are under thirty million dollars, we're
trying to emphasize right now with all of our clients
(12:46):
managing capital gains. With what the stock market has done
over the last five years or so, there are a
lot of capital gains in people's portfolios and how do
you manage that on a tax efficient basis? And that's
much more important, uh, in our mind for those that
are under thirty million, than to be worrying about state taxes.
Speaker 4 (13:09):
We will be issuing a report later this week on
the one.
Speaker 5 (13:13):
Big Beautiful Act, uh, and anyone who would like to
get a copy of it, all they have to do
is give us a call at seven two seven four
four to one nine zero two two four four to
one nine zero two two and that's area code seven
two seven and we'll be happy to send the report
out as soon as it's available. Just need your email
(13:35):
address and we'll send it off to you.
Speaker 3 (13:38):
Right. You see this, How will this affect the two
twenty twenty twenty six and twenty twenty eight election.
Speaker 5 (13:47):
Oh boy, let's get our cracked, foggy crystal ball out.
Speaker 3 (13:52):
Yeah, but you'rs is good, though you're a lot clearer
than most.
Speaker 4 (13:56):
Thank you so, Steve. I well, I.
Speaker 5 (14:00):
Think everybody is anticipating that the Democrats will try to
sell the One Big, Beautiful Bill Act as a giveaway
to the rich at the expense of the middle class
and and those that are the most economically challenged in
(14:22):
our in our country. They're going to talk about all
the quote giveaways that were in the bill. First of all,
let's be clear, there were no giveaways. It maintained the
status quo of the last eight years.
Speaker 4 (14:36):
Clearly, those that.
Speaker 5 (14:41):
Have have a significant amount of income benefited under this
bill more than those that do not have lots of money.
But there were things in this bill that were also
aimed at the average individual. First of all, the no tips,
(15:02):
which we'll talk about later, the no tax on overtime,
which again we may talk about later. There's the six
thousand dollars added deduction for seniors. There's additional opportunity for
seniors over sixty five to add to their deduction.
Speaker 4 (15:21):
So when you add it up, it was a.
Speaker 5 (15:25):
Very broad based bill helping a number of different people
across the country. But that's going to be an issue
the Democrats are going to posit it as a giveaway
to the rich and appeal to people who may not
feel that they got as much out of it as
(15:46):
others did, in hopes that they would then be able
to turn one of one, if not both, of the
Houses of Congress in the twenty sixth election. My feeling
is is that by twenty twenty eight the bill will
still be an issue in the presidential contest, but it
(16:08):
won't have the same fire under it that it will
in twenty twenty six one, because the law is really
not going to change between now and twenty twenty eight,
and it will be three years into the bill. There'll
still be conversation about it, but not nearly what they'll
be in twenty twenty twenty six. And let's keep in
(16:28):
mind that in twenty twenty eight, there will be no incumbent.
President Trump is in the second of his constitutionally mandated
two year sets of terms, and so you're going to
have a wall of Democrats coming out, a wall of
Republicans coming out wanting to vue to be president of
(16:50):
the United States, And at least during the primaries, it's
going to really be about me, me, me, me, me,
being the best, best, best, best best for you, you
you you, and it's really not going to be around
policy as much as it should be, which you'll finally
get into as we get into the campaign itself.
Speaker 4 (17:07):
So it's a big deal.
Speaker 5 (17:09):
In the twenty twenty six elections, we would anticipate that,
given the narrow margin in the House, that it will
turn over and the Republicans will lose control of the House.
But I think the Senate will continue to stay Republican,
and even if it turns over, it won't be enough
to override any veto from the President, so any legislation
(17:31):
that they do in that situation won't go into law.
Speaker 3 (17:34):
Hey, Ray, for some reason, getting a lot of questions.
I'll just take one of them. They want to know,
are you putting your clients into bitcoin? And two can
you explain it? Because I am so lost on what
bitcoin is.
Speaker 5 (17:53):
Well, first of all, are we putting our clients into bitcoin?
Speaker 4 (17:58):
That's an easy question to answer. Or the answer is no.
Speaker 5 (18:02):
In spite of in spite of its phenomenal success, in
terms of its price, bitcoin is still like art, worth
only what it is in the.
Speaker 4 (18:16):
Eye of the beholder.
Speaker 5 (18:17):
There's no way to value it's true worth. It's a
highly volatile asset, both up and down. Clearly, those that
invested in it early on and have held on have
seen phenomenal gains. Don't dispute any of that. But at
the end, but at the end of the day, we
(18:39):
can't justify putting money into bitcoin in any uh significant
way because there's no way to value what it's really worth.
Speaker 3 (18:51):
Uh.
Speaker 4 (18:52):
And so that part of the answer is easy.
Speaker 5 (18:57):
In the easiest terms in which I can and try
to explain bitcoin is that it's a uh it is
a I hate to call it an investment, but let's
just use that because I can't think of a better word.
It's it's a mathematical equation that out of thin air
(19:18):
created coins that can be that can be traded, and
it's all mathematical. There's a limited number of them, and
not all of them have been issued, and people continue
to mine for more of the bitcoins that are available,
but there are a limited number that are out there,
and it's a it's a way for people to exchange
(19:40):
money on a fairly easy basis by moving it from
my my electronic account to your electronic account, and not
only to do it here in the United States, but
be able to do that easily on a worldwide, worldwide basis,
So so it is not the only coin that is
(20:05):
out there. Ethereum is another very popular one. There are
others that are probably going to be coming out in
various forms as tokens for this type of money. And
if one wants to invest what I call Las Vegas
money into Bitcoin, I'm fine with that, but just be
(20:25):
prepared to have a pretty rocky ride and to maybe
lose a lot of money. Although Bitcoin today is up
in the one hundred and twenty thousand dollars range, which
is almost it's all time high, it has been an
extremely volatile investment and the first time that there's a
(20:48):
scandal in it, it's going to be a serious problem.
With the Genius Act that was just passed by Congress,
which really favored the cryptocurrency world, we expect that it's
going to expand in its use and its abilities, but
it is not something as a value investor as we are,
(21:13):
it's not the kind of investment that we want in
people's retirement portfolios because it's just too volidile.
Speaker 3 (21:19):
Great tell people how they can get hold of you, Steve.
Speaker 5 (21:23):
We have offices in Clearwater, and Tampa, Florida, and we
also visit with people on a regular basis via Zoom
or teams video conferencing. And the way to reach us
is to simply give us a call at seven two
seven or four one nine zero two two. That's seven
(21:44):
two seven or four to one nine zero two two.
And don't forget that we offer a one hour complimentary consultation.
And if you simply want to get our special report
on the One Big Beautiful Bill Act, give us a
call and let us have your email address and we
will send it out to you along with the rest
(22:07):
of the roughly thirty five hundred people that are on
our mailing list.
Speaker 3 (22:11):
Ray, thank you so much. Ray back with us twice
again next month. Ray, have a wonderful week. Thank you
so much for being part of the st Expert Show.
Speaker 4 (22:23):
Thank you, Steve, have a great week and the rest
of the month.
Speaker 2 (22:25):
You Thanks for tuning in today to the Ask the
Expert Show on W FOURCY Radio and Talk for TV.
Tune in next week and every week to hear more
from our experts on personal injury, insurance, air condition repairs,
estate planning, medicare, and many other topics in the areas
of legal, health, financial and home improvement. See you next week.
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio, it's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicit or implies shall be extended to W FOURCY
Radio or it's employees or affiliates. Any questions or comments
should be directed to those show hosts. Thank you for
(00:20):
choosing W FOURCY Radio.
Speaker 2 (00:26):
Welcome to the Ask the Experts Show on W four
CY Radio and Talk for TV, where we bring you
educational information from top local experts in the fields of legal, health,
financial and home improvement. Now sit back and listen to
experts in family law, association, law, hearing laws, business brokers,
(00:47):
home care, along with many other topics. Now Here are
your hosts, Stevo and Sophia.
Speaker 3 (00:55):
Hey, good morning, Florida. To another Ask the Expert shoe,
where we bring you the finest experts in the field
of legal, health, financial and home improvement. This show, which
is our second show of the month, is probably one
of my favorite shows. They have been with us back
from when we were doing radio and Tampa and to
(01:19):
show you how this show has grown. It went from
thirty minutes a month now we do two thirty minute
shows a month. And not only did we just cover
the Tampa area, but we carry all of Florida. This show.
This expert. He probably hates me for calling him an expert,
(01:40):
but it's so important when it comes to trust, when
it comes to somebody handling your money. And I got
to tell you provised Management Group. I have never trusted
anybody so much. And the great part about it is
Ray Ferrar always gives best information. People love this show.
(02:05):
Good morning Ray, Good.
Speaker 4 (02:07):
Morning Steve, and a very hot but pleasant.
Speaker 3 (02:12):
Morning of course. So it's funny because it's almost like
Ray and I have this I guess this back and forth.
I look at the letters we get, and then Ray
and I will talk about what we're going to talk
about on the show. And it's amazing. We've got so
many emails people saying, ask Gray about the chiut program
(02:39):
that is going to be in this that's in this
new bill. Bore I do that though, right, Tell people
you have gosh, you have developed both. The year is
one of the most incredible money management company which Provice Management.
Speaker 5 (02:53):
Steve Provice Management Group is a financial planning firm first
and foremost, and we see planning, estate planning, education, planning, budgeting,
managing your liabilities, all of those things as a subset
of a financial plan. We have twelve certified financial planners
(03:14):
that serve our approximately eleven hundred clients scattered over more
than thirty states, and we're managing today something right around
two billion dollars of assets under management, and we'll actually
next month we'll be celebrating our thirty ninth birthday and
looking forward to our fortieth in August twenty twenty six.
(03:36):
Anybody who wants to visit with us, we always offer
a complimentary one hour consultation in our clear Water or
Tampa office, or if preferred, we'll do it by Zoom,
which everybody is starting to be comfortable with. And so
if you have an interest in learning more about us
(03:57):
and sharing with us directly about yourself, simply give us
a call at seven two seven four four one nine
zero two two. That's seven two seven four four to
one nine zero two two and just let them know
that you'd like to set up a complimentary one hour
consultation and we'll be happy to visit with you.
Speaker 3 (04:18):
You know, Ray, I don't know if I've ever shared
this with you, but I always go back and look
at the numbers, and I was surprised how many people
go back to listen to your show after it's done.
I can go back one week later and there's twenty
five new visitors that went and listened to your show.
(04:39):
I think that just shows people really love your show.
But hey, listen, let's get started. I've got so many
questions for you. And one of the biggest questions that
we got this week is about this new program that
every child gets one thousand dollars at birth.
Speaker 5 (04:58):
Well, this is a new prob and it's affectionately, although
not officially named, it is affectionately named the Trump Account.
And this is where every child born beginning this year,
so even those that were born earlier this year, as
I understand it, we'll all have an account opened by
(05:22):
the government and they will deposit one thousand dollars into
this account and it will be invested into some type
of an index, probably something like the S and P
five hundred, and I don't know whether there'll be multiple
choices that all The details around it have not yet
been fleshed out, but they'll put one thousand dollars into it.
(05:44):
Anybody else can add money to the account if they
would like to. The maximum however that can be added.
Total added is five thousand dollars and the account is
there for a year to No that's a total. That's
a total, so it's a modest amount. The money must
(06:04):
stay there until the child's eighteenth birthday. If taken out
prior to that time, it becomes taxable. If taken out
after that time and then used for a variety of
different things, going to school, for a college, or a trade,
perhaps for the purchase of a first home, etc. Then
(06:26):
the money will will come out of the account and
be done on a tax favorable basis. A lot of
people are wondering which is better using this or a
five twenty nine plan, And the answer is, in our opinion,
you're better to if you have a limited resources, you're
(06:48):
better to invest the money into a five to twenty
nine education plan.
Speaker 4 (06:52):
As opposed to the Trump account.
Speaker 5 (06:55):
First of all, you can put more in than five
thousand dollars.
Speaker 4 (07:00):
That's kind of number one.
Speaker 5 (07:01):
Number two, the money grows tax deferred it comes out
tax free when you do take the take the money out,
and although the Trump account does grow tax deferred, it
becomes taxable when the when the money comes out. And
so we think if you should use a five point
twenty nine plan first, and then if you're in a
(07:23):
fortunate position of still having excess money to save, then
I'd put the additional money into the into the Trump account.
So it's a it's it's it's good that at least.
Speaker 4 (07:35):
One thousand dollars is going to go in.
Speaker 5 (07:39):
You know, it's hard to speculate what it would be
worth at eighteen, but we talk about the rule of
seventy two. If the money were to grow at seven
point two percent, it would double every ten years. So
by the time the child is twenty, the money would
then be worth about four thousand dollars.
Speaker 4 (07:58):
So again it's a.
Speaker 5 (08:00):
Little something for everybody, but it's not overwhelmingly big at
this point.
Speaker 4 (08:06):
We may see some changes to it at some time
in the future.
Speaker 3 (08:10):
Well, we've just gotten six text in people wanting to
know where they can go for more information how to
get this plan started.
Speaker 5 (08:21):
So I wish I could answer that question for them.
As I mentioned earlier, the details have not been worked
out as to exactly how it's going to happen. I'm
sure that the government will put up some web page
for people to be able to access to see the
accounts for the children to add the additional money, but
(08:41):
none of that is available at this point, but clearly,
when it is, we're going to let everybody know.
Speaker 3 (08:47):
Beautiful, right, what is the new level for the child
tax credit?
Speaker 5 (08:53):
The level was increased by about ten percent. It's now
two and two two hundred dollars as opposed to two
thousand dollars. You may recall back to in the campaign
then Senator Vance wanted to have that tax credit to
be at five thousand dollars, and then there was a
(09:14):
more modest twenty five hundred dollars number that was proposed.
But at the end of the day, with all of
the compromising, it became two two hundred dollars and that
will be adjusted for inflation every year.
Speaker 4 (09:30):
A good boon for those.
Speaker 5 (09:33):
That are trying to raise a family and to work
at the same time. So it's a step in the
step in the right direction to relieve some of the
financial burden of the responsibilities at home while one is
trying to do those at work.
Speaker 3 (09:48):
And you know what about I guess just state taxes?
How are those going to be handled?
Speaker 5 (09:53):
Well, now, this is this is a very interesting situation.
This year, the amount that can be passed from one
generation to another per person without incurring any estate tax
is thirteen point nine nine. Let's just round it off
(10:13):
and call it fourteen million dollars. And that number has
grown ever since twenty and seventeen when the bill, the
original twenty seventeen tax bill passed in December of that year,
and that was going to sunset at the end of
this year and revert back to about half of the
current amount. So it would have gone back to just
(10:35):
about seven million dollars, which would have brought a lot
more people back into the state tax situation. The House
and the Senate again did some compromising, and what has
happened now is beginning with twenty twenty six.
Speaker 4 (10:54):
It will jump to fifteen.
Speaker 5 (10:56):
Million dollars, which is higher than probably it would have
been as the old number would have been adjusted for inflation,
so a little bit bigger jump, and the amount will
continue to be inflated each each year. So that's thirty
million dollars for a couple that could be passed. So
(11:17):
for those whose estates are over the thirty million dollars,
it's kind of it's kind of a non event because
things are going to continue as they were, and with
all of the sophisticated tools that are available in trusts
and family partnerships, et cetera, to try to reduce that
(11:41):
burden for those that are under the thirty million dollar
limit as a couple or fifteen million as an as
an individual, you know, this is the time to re examine,
really re examine your stated states plan, and by that
we mean you know, what things had you put in
place in anticipation maybe that the law was going to
(12:03):
go back, or that you haven't updated since the law
was changed in twenty seventeen. One of the things that
we're getting more and more questions on are around life
insurance trusts. People who bought life insurance and a trust
to help pay for estate taxes. Do I keep you know,
I'm not going to have to pay a state taxes anymore?
(12:25):
Do I keep the life insurance and there's just that
much more money? Do I forego it and give it up?
What are the options that I have with regards to
that so there's a lot for people to begin looking at.
And for those that are under thirty million dollars, we're
trying to emphasize right now with all of our clients
(12:46):
managing capital gains. With what the stock market has done
over the last five years or so, there are a
lot of capital gains in people's portfolios and how do
you manage that on a tax efficient basis? And that's
much more important, uh, in our mind for those that
are under thirty million, than to be worrying about state taxes.
Speaker 4 (13:09):
We will be issuing a report later this week on
the one.
Speaker 5 (13:13):
Big Beautiful Act, uh, and anyone who would like to
get a copy of it, all they have to do
is give us a call at seven two seven four
four to one nine zero two two four four to
one nine zero two two and that's area code seven
two seven and we'll be happy to send the report
out as soon as it's available. Just need your email
(13:35):
address and we'll send it off to you.
Speaker 3 (13:38):
Right. You see this, How will this affect the two
twenty twenty twenty six and twenty twenty eight election.
Speaker 5 (13:47):
Oh boy, let's get our cracked, foggy crystal ball out.
Speaker 3 (13:52):
Yeah, but you'rs is good, though you're a lot clearer
than most.
Speaker 4 (13:56):
Thank you so, Steve. I well, I.
Speaker 5 (14:00):
Think everybody is anticipating that the Democrats will try to
sell the One Big, Beautiful Bill Act as a giveaway
to the rich at the expense of the middle class
and and those that are the most economically challenged in
(14:22):
our in our country. They're going to talk about all
the quote giveaways that were in the bill. First of all,
let's be clear, there were no giveaways. It maintained the
status quo of the last eight years.
Speaker 4 (14:36):
Clearly, those that.
Speaker 5 (14:41):
Have have a significant amount of income benefited under this
bill more than those that do not have lots of money.
But there were things in this bill that were also
aimed at the average individual. First of all, the no tips,
(15:02):
which we'll talk about later, the no tax on overtime,
which again we may talk about later. There's the six
thousand dollars added deduction for seniors. There's additional opportunity for
seniors over sixty five to add to their deduction.
Speaker 4 (15:21):
So when you add it up, it was a.
Speaker 5 (15:25):
Very broad based bill helping a number of different people
across the country. But that's going to be an issue
the Democrats are going to posit it as a giveaway
to the rich and appeal to people who may not
feel that they got as much out of it as
(15:46):
others did, in hopes that they would then be able
to turn one of one, if not both, of the
Houses of Congress in the twenty sixth election. My feeling
is is that by twenty twenty eight the bill will
still be an issue in the presidential contest, but it
(16:08):
won't have the same fire under it that it will
in twenty twenty six one, because the law is really
not going to change between now and twenty twenty eight,
and it will be three years into the bill. There'll
still be conversation about it, but not nearly what they'll
be in twenty twenty twenty six. And let's keep in
(16:28):
mind that in twenty twenty eight, there will be no incumbent.
President Trump is in the second of his constitutionally mandated
two year sets of terms, and so you're going to
have a wall of Democrats coming out, a wall of
Republicans coming out wanting to vue to be president of
(16:50):
the United States, And at least during the primaries, it's
going to really be about me, me, me, me, me,
being the best, best, best, best best for you, you
you you, and it's really not going to be around
policy as much as it should be, which you'll finally
get into as we get into the campaign itself.
Speaker 4 (17:07):
So it's a big deal.
Speaker 5 (17:09):
In the twenty twenty six elections, we would anticipate that,
given the narrow margin in the House, that it will
turn over and the Republicans will lose control of the House.
But I think the Senate will continue to stay Republican,
and even if it turns over, it won't be enough
to override any veto from the President, so any legislation
(17:31):
that they do in that situation won't go into law.
Speaker 3 (17:34):
Hey, Ray, for some reason, getting a lot of questions.
I'll just take one of them. They want to know,
are you putting your clients into bitcoin? And two can
you explain it? Because I am so lost on what
bitcoin is.
Speaker 5 (17:53):
Well, first of all, are we putting our clients into bitcoin?
Speaker 4 (17:58):
That's an easy question to answer. Or the answer is no.
Speaker 5 (18:02):
In spite of in spite of its phenomenal success, in
terms of its price, bitcoin is still like art, worth
only what it is in the.
Speaker 4 (18:16):
Eye of the beholder.
Speaker 5 (18:17):
There's no way to value it's true worth. It's a
highly volatile asset, both up and down. Clearly, those that
invested in it early on and have held on have
seen phenomenal gains. Don't dispute any of that. But at
the end, but at the end of the day, we
(18:39):
can't justify putting money into bitcoin in any uh significant
way because there's no way to value what it's really worth.
Speaker 3 (18:51):
Uh.
Speaker 4 (18:52):
And so that part of the answer is easy.
Speaker 5 (18:57):
In the easiest terms in which I can and try
to explain bitcoin is that it's a uh it is
a I hate to call it an investment, but let's
just use that because I can't think of a better word.
It's it's a mathematical equation that out of thin air
(19:18):
created coins that can be that can be traded, and
it's all mathematical. There's a limited number of them, and
not all of them have been issued, and people continue
to mine for more of the bitcoins that are available,
but there are a limited number that are out there,
and it's a it's a way for people to exchange
(19:40):
money on a fairly easy basis by moving it from
my my electronic account to your electronic account, and not
only to do it here in the United States, but
be able to do that easily on a worldwide, worldwide basis,
So so it is not the only coin that is
(20:05):
out there. Ethereum is another very popular one. There are
others that are probably going to be coming out in
various forms as tokens for this type of money. And
if one wants to invest what I call Las Vegas
money into Bitcoin, I'm fine with that, but just be
(20:25):
prepared to have a pretty rocky ride and to maybe
lose a lot of money. Although Bitcoin today is up
in the one hundred and twenty thousand dollars range, which
is almost it's all time high, it has been an
extremely volatile investment and the first time that there's a
(20:48):
scandal in it, it's going to be a serious problem.
With the Genius Act that was just passed by Congress,
which really favored the cryptocurrency world, we expect that it's
going to expand in its use and its abilities, but
it is not something as a value investor as we are,
(21:13):
it's not the kind of investment that we want in
people's retirement portfolios because it's just too volidile.
Speaker 3 (21:19):
Great tell people how they can get hold of you, Steve.
Speaker 5 (21:23):
We have offices in Clearwater, and Tampa, Florida, and we
also visit with people on a regular basis via Zoom
or teams video conferencing. And the way to reach us
is to simply give us a call at seven two
seven or four one nine zero two two. That's seven
(21:44):
two seven or four to one nine zero two two.
And don't forget that we offer a one hour complimentary consultation.
And if you simply want to get our special report
on the One Big Beautiful Bill Act, give us a
call and let us have your email address and we
will send it out to you along with the rest
(22:07):
of the roughly thirty five hundred people that are on
our mailing list.
Speaker 3 (22:11):
Ray, thank you so much. Ray back with us twice
again next month. Ray, have a wonderful week. Thank you
so much for being part of the st Expert Show.
Speaker 4 (22:23):
Thank you, Steve, have a great week and the rest
of the month.
Speaker 2 (22:25):
You Thanks for tuning in today to the Ask the
Expert Show on W FOURCY Radio and Talk for TV.
Tune in next week and every week to hear more
from our experts on personal injury, insurance, air condition repairs,
estate planning, medicare, and many other topics in the areas
of legal, health, financial and home improvement. See you next week.
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